BNB Chain has taken the lead as the most active blockchain for memecoin trading, surpassing Solana in trading volume dominance. As of July, BNB Chain commands 45% of the total memecoin DEX market, significantly ahead of Solana at 25% and Ethereum at 20%.
This marks a sharp reversal from April, when BNB Chain accounted for just 25% of the volume while Solana boasted 40%. The shift comes amid cooling activity on Solana following a powerful year-long run that once crowned it king of memecoins.
BNB Chain’s rise is largely fueled by the Binance Alpha Program, an initiative focused on boosting memecoin exposure and liquidity. However, not all memecoins have thrived, Bondex (BDXN), for instance, plummeted after its Binance debut due to heavy profit-taking.
Meanwhile, Ethereum holds its ground with a 20% share, and Base captures 5%. Other chains like Arbitrum, Avalanche, Unichain, and Celo collectively make up the remaining 5%, as the memecoin ecosystem continues to heat up.
Despite losing the top spot, Solana is still generating buzz. Its TRUMP memecoin surged 3,000% in under 24 hours, and the launchpad Pump.fun is preparing for a bold $1 billion capital raise.
Cardano, looking to join the memecoin elite, recently announced a collaboration between Input Output and SNEK, its top memecoin, aimed at invigorating the chain’s activity.
As the memecoin narrative evolves, Bloomberg analyst Eric Balchunas has even floated the idea of a memecoin-based ETF emerging by 2026.
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